Company businessFrameworkAdjust, appraise is worth anchorage switch to bring market prise promotion. TCL group serves as home exclusive one arrives from group of model of face plate of upriver liquid crystal, middle reaches downstream terminal is overallProductionThe consumptive electron bibcock of perpendicular unifinication, income is broken through from 2014 one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two since, net profit 2014-2016 year compound increase rate – 28.94% , group diversity business is big and not strong, terminal product business gains profit ability is weak, masked enter profit to release period high grade asset Hua Xingguang report, china star photoelectricity is clean 2017 profit 4.862 billion yuan, net is led 16% . According to the company the program predicts to finished business to recombine 2019, the group withholds the semiconductor that with Hua Xingguang report gives priority to to show only, SaleContent flowsReach finance to achieve cast wait for business of small capital fund, after terminal product business comes off, appraise is worth centre general to show an industry to semiconductor from the switch of home appliance company of diversity, prospective hopeful is Oriental to Beijing of bibcock of sign home face plate.

The group holds a China star scale to rise to 86% , face plateThe priceFall after a rise is finite to putting in mother outstanding achievement ‘s charge to affect. City of whole world of volume of shipment of China star face plate is occupied lead 15% the 5th, but advantage of catenary of entire industry of group of have the aid of, Hua Xing takes 6 big TV sets of domesticBrandManufacturer face platePurchaseThe marketPortion 24% the first. Face plate of large size liquid crystalThe priceFrom 2017H2 compared to the same period 20%+ of fall after a rise, basically be new increase production can release changeover supply and demand. Judgement is in sports match was pulled 2018 move below, sales volume of TV of global liquid crystal is carried brace up 3% the left and right sides, adscititious TV face plate raises 1.6 every year to will digest new increase production effectively can, price of large size face plate or hopeful 2018Q3 look forward to is firm. Small size face plate is flexible AMOLED demands exceeds supply, comprehensive screen guides LTPS is become replace sexual option, change of screen length breadth ratio raises area of face plate demand directly, predict price of face plate of LTPS small size glided 2018 trend slow down. Hold a China star scale to rise considering the group to 86% , annual price fall after a rise puts in parent net profit ‘s charge to Hua Xing the influence is finite (glide 13%) .

T1 depreciation 2019H1 ends, china star photoelectricity enters profit to release period. The depreciation of T1 project 2019H1 of put into production ended the company 2011, predicting 2018-2019 year decrease to be controlled 500 million yuan with 1.9 billion yuan respectively; 2017Q4 of 6.5 acting lines implements T3 project quantity of the 2nd phase is produced, money is offerred to millet mobile phone since 2018 comprehensive screen, profit releases a space big. Predict 2018-2020 of China star photoelectricity year net profit 3.8 billion yuan, mix 7.1 billion yuan 5.2 billion yuan, profit of net putting in a mother ‘s charge contributes 3.3 billion yuan, 3.8 billion mix 5.1 billion yuan. The company adds 4.034 billion yuan to buy Hua Xing surely after 10.04% equity, layer of management of implementation China star is held appear on the market 1.79% stock of company, roll out two employee to oppose a plan at the same time, outstanding achievement releases motive force strong.

Communication twists to the limit of one’s capacity of deficient, multimedia to drive group profit to pick up. Business of company mobile communication sells new managing 49% equity introduce agree of city of violet smooth group, Yunnan group after investor of 3 old strategies, 2018 or hopeful is decreased considerably deficient 1.8 billion yuan or so; At the same time North America of multimedia business profit from abroadThe marketFast growth, net profit hopeful promotes compared to the same period 20% add 140 million yuan completely, carry integratedly brace up the group puts in parent net profit ‘s charge to grow 50% to control.

Asset weighs appraise to buildSafeLimit, appraise value switch is offerred up space. Heavy appraise company eachContent flowsAfter gold controls business value, think corresponding market prise 62.3 billion yuan, share priceSafeLimit is taller. Considering company business diversity, use branch appraise to be worth a law to undertake assessment. Predicting company 2018-2020 year net profit is 3.999 billion yuan respectively, mix 6.264 billion yuan 4.822 billion yuan (of short duration takes no account of businessFrameworkAdjust) , corresponding EPS is respectively 0.3, 0.36 mix 0.46 yuan / , 492-606 of space of reasonable 2018 market prise 100 million yuan, interval of corresponding target price is 3.64-4.49 yuan / , correspondence rises dimensional 13%-39% , enclothe first give ” add hold ” grade.